JPMorgan has taken a significant step in expanding its blockchain-based payment infrastructure by introducing deposit accounts denominated in British pounds. This latest upgrade to its Kinexys platform, formerly known as Onyx, marks the first time the bank has offered GBP tokenized accounts, adding to its existing U.S. dollar and euro capabilities.
The new offering is designed for corporate clients seeking faster, borderless settlement. It allows for real-time movement of GBP funds with around-the-clock access, including on weekends. The platform also enables same-day foreign exchange settlements, making it a powerful tool for firms operating across time zones and financial jurisdictions.
JPMorgan has emphasized the flexibility and liquidity enhancements that Kinexys offers through this update. With support now extended to three major fiat currencies, the platform strengthens its position as a comprehensive cross-border payment engine. Early participants include notable clients such as the London Stock Exchange Group’s SwapAgent and global commodity trader Trafigura, both of which have already onboarded GBP accounts through Kinexys.
Kinexys Crosses $1.5 Trillion in Blockchain Settlements
Since its inception in 2019, Kinexys has processed over $1.5 trillion in total transactions. The platform now averages more than $2 billion in daily volume—a tenfold increase year over year—underscoring institutional demand for blockchain-native financial infrastructure. While this still represents a small fraction of JPMorgan’s larger $10 trillion daily payments network, it signals a meaningful shift toward digital settlement solutions.
JPMorgan described the expansion into GBP as a first-of-its-kind offering in the UK financial system, noting that client accounts are already live and operational. SwapAgent, the LSEG’s post-trade platform, is integrating the new GBP accounts into its ongoing pilot to explore digitized settlement workflows. According to CEO Nathan Ondyak, programmable settlement offers strategic value, with the potential to support off-hours trading and automation.
Meanwhile, Trafigura is using Kinexys to facilitate real-time GBP payments between key trading hubs such as London, New York, and Singapore. The company also plans to deploy the programmable payment tools built into Kinexys to automate treasury management using rule-based triggers—allowing transactions to execute without manual intervention. This capability, akin to an “if-this-then-that” smart treasury interface, is expected to significantly improve capital efficiency and operational agility.
These updates signal Kinexys’ evolution from a simple blockchain settlement layer into a dynamic programmable financial engine, offering automation, speed, and transparency in a traditionally rigid banking landscape.
Traditional Banks Race Toward Blockchain Integration
JPMorgan’s blockchain expansion reflects a growing industry-wide shift. Rival institutions including Citi and Goldman Sachs have accelerated their investment in blockchain infrastructure to modernize payments and reduce friction in global finance.
In the United Kingdom, blockchain adoption continues to advance through initiatives like Fnality International. The fintech firm, backed by a consortium of major banks including UBS and Goldman Sachs, launched its own sterling-denominated blockchain settlement system in December 2023. Fnality’s CEO Michelle Neal has highlighted the importance of continuous availability and real-time processing, echoing the same themes driving JPMorgan’s Kinexys expansion.
As these developments unfold, blockchain’s role in transforming legacy payment systems is becoming increasingly difficult to ignore. With its latest move, JPMorgan is signaling that programmable, 24/7 financial infrastructure may soon become the new standard in corporate finance.
Quick Facts
- JPMorgan has added British pound support to its blockchain payment platform, Kinexys.
- The platform now facilitates 24/7 transactions in GBP, USD, and EUR.
- Kinexys processes over $1 billion in daily transactions, reflecting growing institutional adoption.
- Other major banks, including Citi and Goldman Sachs, are also investing in blockchain-based payment solutions.
